[vc_row el_class=”credit-scoring-sec1″][vc_column][grve_title title=”Credit Scoring Education – How Are Scores Calculated?” heading=”h2″ align=”center” el_class=”main-sec-title”][vc_row_inner el_class=”credit-scoring-sec2″][vc_column_inner][vc_column_text el_class=”credit-score-content”]Your credit report is the basis of your FICO score. Your report details your credit history as it has been reported to the credit reporting agency by lenders who have extended credit to you, by court records, and by you. The FICO score analyzes information from the trade line, inquiry, public record, and collection sections of your credit report. A FICO score evaluates five main categories of information in your credit report and compares this information to the patterns in hundreds of thousands of other credit reports. These five categories are, in order of importance:
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  • Amount Owed – 30%
  • Length Of Credit History – 15%
  • New Credit Accounts – 10%
  • Types Of Credit Used – 10%
  • Payment History – 35%

[/vc_column_text][/vc_column_inner][/vc_row_inner][vc_row_inner el_class=”credit-scoring-sec3 score-slider”][vc_column_inner el_class=”cscore-wrap cscore-wrap-sec1″ width=”1/6″][grve_single_image el_class=”cscores-img”][grve_title title=”Payment History – What Is Your Payment Track Record?” heading=”h4″ align=”center” el_class=”cscore-title”][vc_column_text el_class=”cscore-content”]Risk predictors here are:

  • Severity : how bad are the delinquencies?
  • Recency : how recent are they?
  • Frequency: how many delinquencies occurred?

[/vc_column_text][/vc_column_inner][vc_column_inner el_class=”cscore-wrap cscore-wrap-sec2″ width=”1/6″][grve_single_image el_class=”cscores-img”][grve_title title=”Amounts Owed – How Much Is Too Much?” heading=”h4″ align=”center” el_class=”cscore-title”][vc_column_text el_class=”cscore-content”]Risk predictors here are:

  • Large outstanding balances
  • The ratio of balances to credit limits

[/vc_column_text][/vc_column_inner][vc_column_inner el_class=”cscore-wrap cscore-wrap-sec3″ width=”1/6″][grve_single_image el_class=”cscores-img”][grve_title title=”Length of Credit History – How established is yours?” heading=”h4″ align=”center” el_class=”cscote-title”][vc_column_text el_class=”cscore-content”]Risk predictors here look at:

  • Age of the credit lines (oldest and average)

[/vc_column_text][/vc_column_inner][vc_column_inner el_class=”cscore-wrap cscore-wrap-sec4″ width=”1/6″][grve_single_image el_class=”cscores-img”][grve_title title=”New Credit – Are you taking on more debt?” heading=”h4″ align=”center” el_class=”cscore-title”][vc_column_text el_class=”cscore-content”]Risk predictors here look at:

  • Number of inquiries and new account openings

[/vc_column_text][/vc_column_inner][vc_column_inner el_class=”cscore-wrap cscore-wrap-sec5″ width=”1/6″][grve_single_image el_class=”cscores-img”][grve_title title=”Types of Credit in Use – Is it a healthy mix?” heading=”h4″ align=”center” el_class=”cscore-title”][vc_column_text el_class=”cscore-content”]Risk predictors here look at:

  • Number of credit lines reported for each type: bankcards, retail, department store cards, installment loans, etc.

[/vc_column_text][/vc_column_inner][/vc_row_inner][/vc_column][/vc_row][vc_row el_class=”credit-scoring-sec-3″][vc_column][grve_title title=”More Educational Resources” heading=”h2″ align=”center” el_class=”main-sec-title”][vc_row_inner el_class=”resources-slider”][vc_column_inner el_class=”edu-item1 edu-item” width=”1/3″][grve_single_image image_type=”image-link” link=”url:http%3A%2F%2Fwww.ftc.gov%2Fos%2Fstatutes%2F031224fcra.pdf||target:%20_blank|” el_class=”cscore-edu-img” image=”4377″][vc_column_text el_class=”cscore-edu-title”]Fair Credit Reporting Act[/vc_column_text][/vc_column_inner][vc_column_inner el_class=”edu-item2 edu-item” width=”1/3″][grve_single_image image_type=”image-link” link=”url:http%3A%2F%2Fwww.ftc.gov%2Fbcp%2Fedu%2Fpubs%2Fconsumer%2Fcredit%2Fcre27.pdf||target:%20_blank|” el_class=”cscore-edu-img” image=”4380″][vc_column_text el_class=”cscore-edu-title”]FDCPA[/vc_column_text][/vc_column_inner][vc_column_inner el_class=”edu-item3 edu-item” width=”1/3″][grve_single_image image_type=”image-link” link=”url:http%3A%2F%2Fwww.ftc.gov%2Fos%2Fstatutes%2Fcroa%2Fcroa.shtm||target:%20_blank|” el_class=”cscore-edu-img” image=”4377″][vc_column_text el_class=”cscore-edu-title”]Credit Repair Organizations Act[/vc_column_text][/vc_column_inner][/vc_row_inner][/vc_column][/vc_row]